As we have mentioned in the past, the Mongolian Law on Pledge of Movable and Intangible Property came into force on March 1, 2017. In order to fully implement this new law, an official Procedure for Online Registry of Pledges of Movable and Intangible Properties was adopted by Minister of Justice and Internal Affairs on March 3, 2017 and a centralized online registry system, www.mpr.gov.mn, has been established to facilitate for the registration of pledges on movable and intangible properties.
All types of movable assets, present or future can be registered in this electronic database as collateral. This includes accounts receivable, construction equipment, agricultural equipment, crops, consumer goods, documents, industrial equipment, intellectual property, office items, inventory, vehicles, domestic animals, wood, furniture, household item, investment security, mineral resources and others.
The registered collateral information in the database will be available to the public and searchable online by the following key terms at www.mpr.gov.mn :
- an initial registration number of notice of pledge;
- creditor’s name and registration number;
- debtor’s name and registration number; and
- serial number for vehicles.
Furthermore, this collateral registry system is accessible online for verification, amendment, extension and cancellation of the details of the registered collateral. This centralized modern collateral registry is a big positive step to protect the non-possessory security rights of creditors against third parties by ensuring transparency.
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